The effectiveness of a healthcare facility largely depends on its ability to add value to the patients’ health. The Patient Handling Equipment Market is thriving at the back of improved technologies within healthcare. The healthcare sector is continually evolving into a utility-driven industry, primarily focused at achieving improved results. The commercialization of the healthcare industry has led managers and healthcare planners to invest in new and innovative technologies. This is also a key consideration for analysts evaluating the growth dynamics of the global patient handling equipment market.
The rising incidence of disorders and diseases that handicap individuals have played a major role in market growth. The opinions and views of renowned doctors and medical specialists favour the induction of improved equipment for patient handling and care. Furthermore, spending in healthcare and medicine has increased by leaps and bounds over the past decade. This has offset the financial burden on small and insignificant healthcare centers, and has created scope for adopting better equipment and devices. Henceforth, it can be prognosticated that the global patient handling equipment market would gather a respectable amount of revenues in the years to follow.
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A report by Transparency Market Research (TMR) predicts that the global patient handling equipment market would be valued at US$22.4 bn by 2024-end, growing from a value of US$11.2 bn in 2017. The calculated CAGR of the global patient handling equipment market for the period between 2017 and 2024 is 10.4%. Fundamental changes to the infrastructural setup of healthcare centers is behind this stellar growth rate.
Rising Incidences of Immobilizing Disorders
Despite key advancements in the healthcare domain, the incidence of chronic and disabling disorders has increased in recent times. Parkinson’s disease and dementia are two of the most daunting disorders that can handicap elderly people. This factor has created tremendous demand within the global patient handling equipment market in recent times. Furthermore, mental and spinal traumas can pose a severe burden on the physical health of individuals. This is also an important trend that could be influencing market demand.
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Children and adolescents are also prone to suffering from a number of ailments that hamper normal functioning. These can be due to sports injuries, unanticipated mishaps, and road accidents. Hence, the consumer base of the global patient handling equipment market covers people of all groups. The requirements across healthcare centers and hospitals change according to the cases at hand. In the most severe cases of mental or physical disorders, healthcare centers are required to induct a mix of wheel chairs, lifting slings, ambulatory aids, and toilet equipment. This factor has also emerged as a key idea for growth across the global patient handling equipment market.
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Emergence of Assistive Living Facilities and Paramedical Centers
Several streams have sprouted out of the healthcare industry, and the scope of the industry has gone beyond healthcare centers and hospitals. Assistive living facilities are the most contemporary development across the healthcare sector. These facilities admit disabled or handicapped persons and provide them with the right equipment for support. Furthermore, the development of paramedical centers has also generated humongous amount of revenues in the global patient handling equipment market.
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People suffering from permanent handicaps, due to accidents or inherent diseases, buy wheel chairs and other aids on a regular basis. This factor has fetched a robust consumer base for the vendors operating in the global patient handling equipment market.
The information presented in this review is based on a TMR report, titled “Patient Handling Equipment Market (Product – Lifting Slings, Wheelchairs, Medical Beds, Ambulatory Aids, Shower, Bath, and Toileting Equipment, and Transfer and Positioning Aids and Patient Lifts; End User – Hospitals, Nursing Homes, Assisted Living Facilities, Home Healthcare, and Trauma, Rehabilitation, and Paramedical Centers) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2024.”
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